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Keeley Asset Management Comments on Air Lease Corp

Air Lease Corporation (NYSE:AL)(AL - $41.34 - NYSE) is one of the leading lessors of commercial aircraft. Because this type of financing is more common in countries with less developed capital markets and banking systems, 95% of Air Leases carrier customers are outside the US. This tends to make Air Lease's stock more sensitive to sentiment about global trade and the stability of emerging markets. The improving sentiment on global trade probably heled the stock in the quarter. In addition, Air Lease reported better than expected first quarter earnings despite some disruption from the inability of Boeing and Airbus to deliver aircraft on schedule. It remains an inexpensive stock with much of its near-term growth to come from as aircraft it has already leased out are delivered.

From Keeley Asset Management Corp (Trades, Portfolio)'s Keeley Mid Cap Fund second-quarter 2019 shareholder letter.
This article first appeared on GuruFocus.